Will we see our Icesave cash before Christmas

innovate

jm104 wrote: »

Message sent to my MP. The trouble is that this is getting so big now and from this article it says we don't get all the money back! I'm totally confused and swinging from feeling ok about it to total despair - it really is unfair to keep us waiting like this

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3206491/Financial-crisis-Oxford-University-and-Audit-Commission-fall-victim-to-banks.html

This is about institutional savings, not retail customer (personal) savings. Nobody ever said institutions would get all (or any) of their money back. Darling said retail customers will get everything back, and the FSCS website reflects this.

People, calm down - the FSCS website states they hope to be able to tell us concrete details about the claim process by end of the week. It is NOT yet end of the week, so just sit tight. We have no reason whatsoever right now to complain, or to worry.

Nobody will get their money faster if they complain or work themselves into a panic.

AB31

vadek wrote: »

Can't get into my bloody Icesave account again. I've already reset the password once and I'm getting p*ssed off with it rejecting my login details.

Edit: still can't get access with a reset password. Anyone else having problems again?

Yes, I've had similar trouble. When I first tried to log in last week it wouldn't accept my password so I had to reset it. It then worked, and I logged off after checking that all was in order. A few hours later I tried to log on again but I had exactly the same problem so I had to reset the password a second time. Fortunately it worked and when I got in again I printed off everything available (taking two copies), as this may be required in due course for the claims process.

Needless to say, all this is totally unsatisfactory as there's no one to talk to about purely log in problems in accessing one's account. In your case, I can only suggest that you might try resetting the password again. If there's no luck, then I suggest you might notify the FSCS so that they are least aware of such problems. I suspect they have access to the Icesave data base, and it could be their fiddling around with it that's responsible for such problems. At least, let's hope that's all it is, and that the Icelandics aren't trying a fiddle.

Joffy_2

I spoke to the nice lady ath the FSCS this morning. She gave me the standard responses, but when pushed she confirmed that letters are being sent out to Icesavers as we spoke. Hooray, at last! But she couldn't tell me if they were being sent first or second class. She also relented on the 'we have no fixed timetable' standard response, and admitted that it was unlikely anyone would get their money back before Christmas.

Patr100

I'm anxious as anyone to recover our money but less than two weeks since the Icesave collapse isn't long given the unprecedented events - as said let the FSC etc do their work a little longer.
But it is a pity that paper forms are likey to be the way to claim. I know the money may not be there in the sense it was before, but if a login/password and place/date was good enough previously for us to extract money to our nominated account , I wish it would be a secure enough process to compensate us,perhaps with an additional verfication by letter?

nilrem_2

Joffy wrote: »

She also relented on the 'we have no fixed timetable' standard response, and admitted that it was unlikely anyone would get their money back before Christmas.

TBH I would take that with a 'pinch of salt', maybe we will or maybe we won't; I don't think anyone really knows ATM, I imagine they are doing there best so sort the mess out, I see no reason why they should not be, it's in their interests to get this sorted properly and efficiently.

Optimist

amistupid wrote: »

F.T. com report that "The government's watchdog that polices spending across the public sector itself placed millions of pounds in Icelandic bank accounts, Whitehall sources claimed last night.
The Audit Commission refused to deny it had up to £10m frozen in Reykjavik as news of its deposits spread."
Good to know that the Icelandic net didn't catch just us sprats (individual depositors) or just the big fish (Local Authorites etc) they caught this whale as well!

What a pity they didn't speak to all these people who post on these forums saying how they knew it was going to go bust months ago

thumshie

amistupid wrote: »

F.T. com report that "The government's watchdog that polices spending across the public sector itself placed millions of pounds in Icelandic bank accounts,

Well according to http://www.guardian.co.uk/politics/2008/oct/16/localgovernment-localgovernment and http://www.citywire.co.uk/adviser/-/news/adviser-news/content.aspx?ID=317800
They've invested £5mil in the islands part of Landbanki, which had 0 protection what so ever and at the moment will only recover 30%, still might end up being more than the local councils/charities....

AB31

Joffy wrote: »

I spoke to the nice lady ath the FSCS this morning. She gave me the standard responses, but when pushed she confirmed that letters are being sent out to Icesavers as we spoke. Hooray, at last! But she couldn't tell me if they were being sent first or second class. She also relented on the 'we have no fixed timetable' standard response, and admitted that it was unlikely anyone would get their money back before Christmas.

If this is true, why the heck can’t they post this information on their website, one wonders? It seems to me that if the FSCS really wanted to they could repay private savers much sooner than by Christams, possibly (as someone else suggested) by funding the Icesave account and allowing repayments to be made via the existing passwords etc. My suspicion is that they’ve decided to go through the motions of appearing to be constructive in order to shut us all up, when in fact they don’t intend to repay a penny until they have clarified how much of our money can be salvaged from Icesave, which process could take several months.

I see from reports that Gordon Brown is thinking about reinforcing the present FSCS by increasing the compensation limit to EUR 100,000 and settling claims in 3 days. What a laugh. There’s no way that the FSCS could ever act that quickly. If they promised to do it inside 3 weeks, I‘d be happy with that, and happy to forgo any interest, but what I don’t like is the general lack of information, delays in updating their website, and giving out confused messages to different callers. I bet that it's because Icesave is a relatively obscure bank that they're not in any rush to sort things out. If it was a major bank that had gone belly up, I reckon that compensation would have been sorted by now, as the media would have piled on enormous pressure to resolve it, and virtually no other news would have got in the way.

EagerLearner

AB31, I share your frustration but sadly whether any of us are 'happy' or not about how this will actually be rolled out, won't make one iota of difference.
At the moment we are all speculating, and let's admit that we all already felt that it may take months to resolve, and then people started speculating about 'weeks' which made us all hopeful for a speedier repayment.

Tomorrow we should have more news and with any luck (as per the FSCS phone call response above), forms issued to us next week, when we will all no doubt feel better for having filled them in and posted off. I will send mine Registered Post, to be safe - might as well line the Royal Mail's coffers with that extra £0.70p he he...

bryanb

oql61 wrote: »

Hear hear. The matter of interest is important. I have a fixed rate account maturing today in addition to funds in the easy access account. If I am to receive no interest from the date of collapse till (possibly) six months hence I will be seriously out of pocket. I, too, as a non-earning housewive, rely on this interest for income.

Me too, I've got a 2yr and a 3yr fixed account, If I have to wait without interest until maturity it will cause big problems financially.